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REGISTERED NUMBER: SC480431 (Scotland)














Financial Statements

for the Year Ended 30 June 2023

for

Fintry Community Energy Limited

Fintry Community Energy Limited (Registered number: SC480431)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Fintry Community Energy Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: G K Cowtan
I W Frazer
I MacKay





SECRETARY: G K Cowtan





REGISTERED OFFICE: Fintry Sports & Recreation Club
Kippen Road
Fintry
Glasgow
G63 0YA





REGISTERED NUMBER: SC480431 (Scotland)





AUDITORS: Henderson & Company
73 Union Street
Greenock
Renfrewshire
PA16 8BG

Fintry Community Energy Limited (Registered number: SC480431)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 359,752 380,104

CURRENT ASSETS
Debtors 5 9,402 8,353
Cash at bank 668 7,048
10,070 15,401
CREDITORS
Amounts falling due within one year 6 6,165 14,533
NET CURRENT ASSETS 3,905 868
TOTAL ASSETS LESS CURRENT
LIABILITIES

363,657

380,972

CREDITORS
Amounts falling due after more than one
year

7

(218,193

)

(386,571

)

ACCRUALS AND DEFERRED INCOME - (174,210 )
NET ASSETS/(LIABILITIES) 145,464 (179,809 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 145,364 (179,909 )
SHAREHOLDERS' FUNDS 145,464 (179,809 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 March 2024 and were signed on its behalf by:





G K Cowtan - Director


Fintry Community Energy Limited (Registered number: SC480431)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Fintry Community Energy Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The company has been trading at a loss for several years and the reserves at 30 June 2022 are in deficit. The directors have been looking at ways of improving this situation which they they anticipate will be resolved in the near future. Due to the continued support which the company receives from its parent company the directors are of the opinion that the going concern basis is applicable.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 4% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate or if there is an indication of significant change since the last reporting date.


Fintry Community Energy Limited (Registered number: SC480431)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognised for all taxable timing differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount for deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recoverd.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position bank overdrafts are shown within borrowings in current liabilities.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value and thereafter stated at amortised cost using the effective interest method, less any impairment.

Creditors
Basic financial instruments, including preference shares that are classified as debt, are measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is initially measured at fair value and subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Fintry Community Energy Limited (Registered number: SC480431)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 527,812
Additions 780
At 30 June 2023 528,592
DEPRECIATION
At 1 July 2022 147,708
Charge for year 21,132
At 30 June 2023 168,840
NET BOOK VALUE
At 30 June 2023 359,752
At 30 June 2022 380,104

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 8,001 7,054
Other debtors 1,401 1,299
9,402 8,353

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,616 7,505
Taxation and social security 1,238 5,922
Other creditors 2,311 1,106
6,165 14,533

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 218,193 386,571

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Henderson (Senior Statutory Auditor)
for and on behalf of Henderson & Company

Fintry Community Energy Limited (Registered number: SC480431)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

9. RELATED PARTY DISCLOSURES

At 30 June 2023 the company owed it's parent company, Fintry Development Trust, £218,193 (2022 - £386,571). During the year ended 30 June 2023 interest totalling £7,466 (2022 - £9,207) was paid on this loan.

10. ULTIMATE CONTROLLING PARTY

The company is controlled by Fintry Development Trust as the sole member. Fintry Development Trust is a private limited company limited by guarantee and incorporated in Scotland. Its registered office is Fintry Sports and Recreation Club, Kippen Road, Fintry, G63 0YA.